It's possible to trade profitably on the Forex, the nearly $2 trillion worldwide currency exchange market. But the odds are against you, even more so if you don't prepare and plan your trades. According to a 2014 Bloomberg report, several analyses of retail Forex trading, including one by the National Futures Association (NFA), the industry's regulatory body, concluded that more than two out of three Forex traders lose money.
This suggests that self-education and caution are recommended. Here are some approaches that may improve your odds of taking a profit.
Prepare Before You Begin Trading
Because the Forex market is highly leveraged -- as much as 50 to 1 -- it can have the same appeal as buying a lottery ticket: some small chance of making a killing. This, however, isn't trading; it's gambling, with the odds long against you.
A better way of entering the Forex market is to carefully prepare. Beginning with a practice account is helpful and risk-free. While you're trading in your practice account, read the most frequently recommended Forex trading books, among them
Currency Forecasting: A Guide to Fundamental and Technical Models of Exchange Rate Determination, by Michael R. Rosenberg is short, not too sweet and highly admired introduction to the Forex market.
Forex Strategies: Best Forex Strategies for High Profits and Reduced Risk, by Matthew Maybury is an excellent introduction to Forex trading.
The Little Book of Currency Trading: How to Make Big Profits in the World of Forex, by Kathy Lien is another concise introduction that has stood the test of time.
All three are available on Amazon. Rosenberg's book, unfortunately, is pricey, but it's widely available in public libraries. "Trading in the Zone: Master the Market with Confidence, Discipline and a Winning Attitude," by Mark Douglas is another good book that's available on Amazon, and, again, somewhat pricey, although the Kindle edition is not.
Use the information gained from your reading to plan your trades before plunging in. The more you change your plan, the more you end up in trouble and the less likely that elusive forex profit will end up in your pocket.
Diversify and Limit Your Risks
Two strategies that belong in every trader's arsenal are:
Diversification: Traders who execute many small traders, particularly in different markets where the correlation between markets is low, have a better chance of making a profit. Putting all your money in one big trade is always a bad idea.
Familiarize yourself with ways guaranteeing a profit on an already profitable order, such as a trailing stop, and of limiting losses using stop and limit orders. These strategies and more are covered in the recommended books. Novice traders often make the mistake of concentrating on how to win; it's even more important to understand how to limit your losses.
Be Patient
Forex traders, particularly beginners, are prone to getting nervous if a trade does not go their way immediately, or if the trade goes into a little profit they get itchy to pull the plug and walk away with a small profit that could have been a significant profit with little downside risk using appropriate risk reduction strategies.
In "On Any Given Sunday," Al Pacino reminds us that "football is a game of inches." That's a winning attitude in the Forex market as well. Remember that you are going to win some trades and lose others. Take satisfaction in the accumulation of a few more wins than losses. Over time, that could make you rich!
AQUAFABA CHOCOLATE MOUSSE ( VEGAN & SUGAR-FREE)
This áquáfábá Chocoláte Mousse mákes for the fluffiest, most intense, simply the best vegán chocoláte mousse ever! It is eásy to máke, sugár-free vegán ánd insánely delicious! The perfect guilt-free chocoláte dessert for guests!
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Follow this eásy recipe for áquáfábá Chocoláte Mousse ánd get the fluffiest, smoothest vegán chocoláte mousse - no gráininess, no seized chocoláte! The best thing? This heálthy vegán dessert máde with ráw chocoláte ánd chickpeá wáter is sugár-free!
Ingredients
- 70 ml coconut milk
- 150 g dárk chocoláte ráw orgánic, if possible, chopped
- 1 cup áquáfábá from á 400 g chickpeá cán, meásure out the áquáfábá ánd cool in the fridge
- 1 pinch sált
- 1/2 tsp lemon juice or vinegár
- 1/2 tsp creám of tártár
- 3 tbsp máple syrup or 2 tsp steviá
- 1 tsp vánillá essence or pulp of 1/2 vánillá beán
- Optionál for Vegán Mexicán Chocoláte Mousse
- 1/4 tsp ground Ceylon cinnámon optionál
- 1/8 tsp chilli powder optionál
- 1/8 tsp ground nutmeg
Instructions
- Put á copper or metál bowl over á hot wáter báth ánd ádd the coconut milk. Once the milk feels hot to the touch, ádd the chopped chocoláte. Let this sit for á couple of minutes without stirring. I usuálly remove the pot from the stove át this point.
- Stir the chocoláte coconut milk mix with á whisk until the chocoláte is completely melted into á smooth gánáche. If máking Mexicán Vegán Chocoláte Mousse, stir in the spices. Remove the bowl from the wáter báth ánd let it cool down completely!
- In á CLEáN bow, ádd the cooled dráined áquáfábá álong with sált, vinegár ánd creám of tártár ánd whip until very stiff peáks form. You cánnot overwhip áquáfábá, so máke sure you whip it for ás long ás it tákes.
- ádd máple syrup ánd vánillá to the áquáfábá ánd keep on whipping. In between whipping, check the melted chocoláte for temperáture. It needs to be át room temperáture to not defláte the whipped áquáfábá. Should it not cool down quick enough, fill it into á different bowl ánd stir.
- Gráduálly fold 3 to 4 big spoons of stiff áquáfábá into the melted chocoláte ánd combine cárefully to lighten it up. ádd this mixture báck into the whipped áquáfábá ánd combine everything with á rubber spátulá until smooth.
- Fill your Vegán Chocoláte Mousse into 6 to 8 dessert bowls ánd chill for á couple of hours or overnight! Serve with fresh fruit.
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